mVisa QR code payment service to launch in Cambodia
Visa, the global payments technology company, has announced it is working with local banks and merchants to launch its mVisa Quick Response (QR) code mobile payment service, to accelerate the shift from cash to electronic payments in Cambodia.
mVisa allows consumers to use their mobile phones to make cashless purchases, pay bills and send money to friends and family by securely linking their Visa debit, credit or prepaid account to the mVisa application. It digitizes the underlying account and allows consumers to transfer funds from their account to the merchant’s account reliably and securely by scanning a QR code.
For merchants, mVisa means they can access a low cost alternative to accepting electronic payments using an mVisa QR code and their mobile phone.
“With growing mobile penetration and a hunger for new technology, Cambodia is uniquely positioned to adopt mVisa for a faster, secure and more convenient electronic payment experience,” said Sean Preston, Visa’s Country Manager for Vietnam, Cambodia and Laos.
“By utilising mobile phones and QR code technology, mVisa complements existing point of sale (POS) terminals by providing a cost effective way for businesses to start accepting electronic payments, and for consumers to make digital payments instead of relying on cash. Because of this, we see significant opportunity for mVisa to help grow electronic payment usage and acceptance across the country, in particular at smaller merchants and in remote areas.”
All mVisa transactions are processed via Visa’s global network, VisaNet, applying the scale, security and reliability of Visa to QR code payments.
“We are excited to be bringing new, innovative payment solutions like mVisa to Cambodia. We are committed to working with the government, our clients and merchants to expand access to electronic payments across the country,” added Mr Preston.
The mVisa service is expected to go live in Cambodia in the third quarter of 2017. Please contact your local bank for more information.
About Visa Inc.
Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks - VisaNet - that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information visit www.visa.com.